Nomura position in Cognizant added in Q1 looks ‘suspicious,’ says Gordon Haskett

Gordon Haskett’s head of event-driven research Don Bilson notes that Nomura is a prime broker that is known for putting activists quietly into their positions and in that context the firm says that the broker “added three positions in Q1 that look suspicious.” One that “stands out because it is particularly large” involves Cognizant (CTSH), which the firm also notes “had a brush with Elliott many years ago.” Cognizant made a CEO change at the start of last year, but “this Nomura update has us thinking someone felt the swap wasn’t enough,” the firm added.